Ruffer Investment Company sent out a memo Tuesday alerting shareholders that it will be allocating roughly 2.5% of its portfolio towards Bitcoin. Per the memo, this investment is currently worth over $740 million.
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“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the London-based firm wrote.
“Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see,” Ruffer said.
The memo comes as Bitcoin’s price hit an all-time high, crossing the $20,000 threshold for the first time. As of 9:56 am ET, Bitcoin was trading at $20,664. It had earlier peaked at $20,836.